UK growth slows as Canada dollar slides
Tuesday 12 March 2013
UK growth is showing "slowing momentum", according to the OECD's latest snapshot of indicators in major economies. The disappointing picture contrasts with firming growth in the US and Japan as well as a pick-up for the eurozone and Germany. IHS Global Insight's Howard Archer said the survey suggests the UK will "struggle to sustain growth in coming months".
Meanwhile the incoming Bank of England Governor, Mark Carney, pictured, has overseen the longest slide in the Canadian "loonie", the currency nicknamed after the water bird on its back, since last June, experts said yesterday. The Canadian dollar has seen a fifth straight week of decline, its worst run for nine months, amid speculation that interest rates will stay lower for longer.
Mr Carney has said at every policy meeting since last April that the Bank of Canada's next move on interest rates would be to raise them, although he said last week that an increase from the current 1 per cent was "less imminent".
Deutsche Bank's Alan Ruskin said Canada might not be viewed as such a safe haven now.
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